BVMF:QUAL3 Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	10.67	6.58	-82.44	92.82	365.81
Depreciation & Amortization	153.75	399.52	475.32	415.42	362.84
Other Amortization	146.57	-	-	-	-
Asset Writedown & Restructuring Costs	3.36	-0.91	35.84	-0.71	-2
Loss (Gain) From Sale of Investments	-	-	95.94	-	-
Loss (Gain) on Equity Investments	-	-	0.51	4.89	2.64
Stock-Based Compensation	4.55	10.03	6.86	7.54	13.35
Other Operating Activities	66.77	-7.91	-95.5	-32.42	156.88
Change in Accounts Receivable	69.93	7.52	-10.95	-10.16	-32.22
Change in Accounts Payable	67.17	112.03	-113.81	-11.66	-
Change in Income Taxes	-6.53	5.72	31.64	12.67	-72.22
Change in Other Net Operating Assets	-242.97	-42.55	154.66	56.75	12.85
Operating Cash Flow	286.48	377.94	498.06	535.14	807.93
Operating Cash Flow Growth	-24.20%	-24.12%	-6.93%	-33.76%	-5.09%
Capital Expenditures	-2.27	-7.57	-4.38	-13.19	-22.44
Sale of Property, Plant & Equipment	-	0.49	-	-	-
Cash Acquisitions	-	-96.61	-	-80.07	-232.51
Sale (Purchase) of Intangibles	-179.91	-161.95	-244.73	-419.09	-575.88
Investment in Securities	-51.79	65.85	-188.11	5.59	23.31
Other Investing Activities	-	121.61	-	-	-
Investing Cash Flow	-233.98	-78.17	-437.22	-506.76	-807.51
Long-Term Debt Issued	450	200	-	2,200	800.4
Long-Term Debt Repaid	-589.11	-565	-18.63	-2,198	-11.93
Total Debt Repaid	-589.11	-565	-18.63	-2,198	-11.93
Net Debt Issued (Repaid)	-139.11	-365	-18.63	1.65	788.47
Repurchase of Common Stock	-	-	-	-	-129.92
Common Dividends Paid	-1.55	-	-22.04	-70.95	-619.01
Other Financing Activities	-11.48	-7.04	-2.71	-31.41	-9.27
Financing Cash Flow	-152.14	-372.04	-43.38	-100.71	30.27
Net Cash Flow	-99.64	-72.28	17.46	-72.33	30.7
Free Cash Flow	284.21	370.37	493.68	521.95	785.49
Free Cash Flow Growth	-23.26%	-24.98%	-5.42%	-33.55%	-7.08%
Free Cash Flow Margin	19.92%	24.02%	28.21%	26.75%	37.47%
Free Cash Flow Per Share	1.00	1.31	1.77	1.87	2.83
Cash Interest Paid	248.13	252.84	324.84	274.05	44.85
Cash Income Tax Paid	15.12	24.3	47.01	120.31	110.88
Levered Free Cash Flow	321	274.04	250.2	-277.21	4.91
Unlevered Free Cash Flow	481.79	436.86	250.2	167.26	147.67
Change in Working Capital	-112.39	82.71	61.54	47.61	-91.59

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.